SuperValu announces closure of 60 stores
SuperValu announced Wednesday their plans to close "approximately" 60 stores. According to the company, the stores are all underperforming or "non-strategic" and most are expected to close by Dec. 1.
“These decisions are never easy because of the impact a store closure has on our team members, our customers, and our communities,” said Wayne Sales, SuperValu’s president, chief executive officer, and chairman. “[The] announcement reflects our commitment to move with a greater sense of urgency to reduce costs and improve shareholder value.”
Over the next three years, the Company estimates that closing these locations will generate between $80- $90 million in cash from monetizing owned real estate, eliminating cash operating losses, and selling departmental assets. The Company owns the real estate for approximately one-third of the retail food stores being closed.
The closures in the retail food segment include 27 Albertsons stores (19 in Southern California, including one previously announced location, and eight in the Intermountain West region), four ACME stores, and one previously announced Jewel-Osco location.
According to the Idaho Statesman, eight of the stores are in Oregon and Washington, but six locations have still not been announced.
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